ECC allows import wheat and reduces the duty on sugar
A meeting of the Economic Coordination Committee (ECC) of the Cabinet, chaired by Dr Abdul Hafeez Sheikh, Finance Advisor to the Prime Minister, allowed the Trading Corporation of Pakistan (TCP) to initially issue an order on import of 200,000 tonnes of wheat.
ECC has decided to reduce sales tax levy and other duties for private importers to supply sugar to the general consumers at reasonable rates. It has been directed to approach the Ministry of Maritime Affairs, Port Authorities and Terminal Operators in case of waiver of demurrage of Rs. 39 crore on more than 2400 imported cargo containers under Afghan Transit Trade.
The Secretary National Food Security said that 500,000 tonnes of wheat are being imported by the private sector, the first consignment of which will reach Pakistan on August 26, which will help stabilize wheat prices in the country. The meeting was informed that there are 26.05 million tonnes of wheat reserves in the country at present and the shortfall is 1.411 million tonnes.
At the suggestion of the Ministry of Energy (Petroleum Division), the overdue agreement between Jamshoro Giant Venture Limited and Sui Southern Gas Company was also reviewed and in case of ratification by the Attorney General’s Office, Jamshoro Giant Venture Limited will resume production of LPG and LNG. Allowed The decision is aimed at reducing domestic LPG imports.
The meeting reviewed the proposal of the Ministry of Finance to fix the dividend of SBP and allowed the payment of dividend on the basis of 10% fee value of SBP’s shares in the bank’s annual accounts for the financial year 2020 ending June 30.
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